World Bank to Implement $700 Million Worth Programs for Armenia

YEREVAN — Armenian president Serzh Sarkisian received October 20 the World Bank’s newly-appointed Vice President for Europe and Central Asia Cyril Muller. The meeting was also joined by Mercy Tembon, the World Bank’s newly-appointed Regional Director for the South Caucasus, Sargsyan’s press office said.

Armenia’s president spoke highly of Armenia’s many years of cooperation with the World Bank and stressed the bank’s role in our the country’s socio-economic development, underscoring that from the very beginning, Armenia has viewed the World Bank not only as a financer of investment programs, but also as a partner that supports economic reforms and the development of human capabilities.

Serzh Sargsyan expressed hope that the partnership will be maintained and strengthened, the collaboration will be further intensified, and the program directions will assume a new quality, maximally embracing the global economic challenges, regional developments and country-specific trends and policy priorities. The president assured the guests that the Armenian government is determined to continue the reforms aimed at the improvement of the economic climate in Armenia.

The World Bank’s Vice President Cyril Muller noted that he and the regional director have set a high benchmark and will do everything to fulfill their goals. According to him, during the last years the World Bank has already planned a number of programs which will cost 700 million USD. Cyril Muller was certain that the implementation of those programs will be of crucial importance to the development of Armenia.

At the meeting, the interlocutors discussed the status of the current Country Partnership Strategy, reflected upon the primary directions of Armenia’s economic policy, and talked about the issues of ensuring steady medium-term economic growth, in that context attaching importance to the World Bank’s role in stimulating investments within the frames of the public-private sector model.